Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, responding to RBS results and today’s Funding for Lending figures, said:

“These results show that huge challenges remain at RBS. We need the bank to succeed so that it better serves its customers and so that the taxpayer gets its money back.

"While it’s good that Ross McEwan has taken a lead on rejecting his allowance, people will be taken aback at the scale of bonuses being paid out this year. This underlines the case for Labour’s tax on bank bonuses to pay for a jobs programme for young people.

"Today’s Bank of England figures showing net lending to business down again are deeply disappointing. Labour’s better plan will establish a proper British Investment Bank and ensure we have more competition in our banking sector so that SMEs get the funding they need to expand and create more good jobs.”